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#18
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DMB Financial

Over 10 years in business

Our Score
4.7
User Score
--

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Our Score
4.7
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
25%

Accreditations

AFCC or IAPDA
AFCC

Free Consultation

is one included?
Yes

Time in Business

total # of years
12 years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Limited

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: December 21, 2016

DMB financial provides consumers with an alternative solution to becoming debt free. They have over 50 years of combined experience in the debt settlement industry and are one of the largest performance based settlement companies in the nation. Debt settlement services have been provided through DMB Financial for over 10 years and have saved consumers somewhere in the neighborhood of $353 million during that time.

Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

#1

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#18
dmb_financial logo

25%
$10,000

The Good

DMB Financial has plenty of positive attributes associated with their debt settlement program. For starters, they are 100% performance based so they only earn their fee when an account has been settled. There are no up-front fees of any kind, however a $34.95 monthly administration and client services fee is charged.

While hiring a company for debt settlement can be a big step toward financial recovery, the good news is they provide options to help consumers dig their way out of a financial hole. They work with customers to develop a budget plan laying out each of their monthly expenses and income accounts, as well as any long term savings, employment situation, stress levels, and past due credit card payments. They attempt to target a number that is both lower than their current payments and still wide enough to build a program that will work to get individuals out of debt. They explain the typical client has seen over 50% of their debt written off in as little as 36 months. As their goal is to get clients out of debt under 48 months, should individuals require longer than 48 months, these cases must be approved by the owners and is determined on a case-by-case basis.

Unsecured debt may be enrolled and the rate charged by the company will be wrapped up into one monthly payment paid into a US Bank account, which is set up by the client and maintained by a 3rd party company, Global Client Solutions. The program payment will be debited from the bank account each month on a date agreed upon by the client.

The minimum debt accepted in the program will vary on a case-by-case basis. According to representatives, there have been clients enrolled with as little as $10,000 and as much as $150,000. DMB Financial places confidence in their ability to settle debts they back it up by providing clients a $1,000 guarantee should an enrolled debt not become settled. Clients may opt out of the program at any time without any fees. Any money that had accrued into the bank account they set up would go directly back to the client, according to one program consultant.

Free consultations are offered by calling the toll-free number or filling out the contact information on the left hand side of the home webpage. Once the personal information is entered, a representative will call shortly thereafter to discuss debt relief options and to determine qualification. If for some reason someone doesn’t qualify, the representative will try and direct them to someone who can assist them, which is helpful.

They also offer a “Refer a Friend” program. For each individual referred and signs up, a $200 dollar award is given, which can be used toward the bank account balance or kept for pocket cash.

Pro’s to consider:

  • Reduce debts by 50% or more per account
  • Over 10 years of experience to count on
  • AFCC
  • $1,000 guarantee
  • CPA’s and tax consultants on staff

The Bad

Debt relief does not come without some level of risk involved. Regardless of the option chosen to get out of debt, there will be some restrictions. With debt settlement, risk comes in the form of tax penalties, lawsuits and further collection attempts.

Another concern is only accounts they know they can settle are qualified to be enrolled, meaning not all unsecured debt types qualify. Also, they will not accept clients into the program for longer than 60 months, as the risk of litigation is too strong.

On top of lacking certification and hit-and-miss debt enrollment types, this company does little to provide their clients with financial literacy to getting, and staying, debt free.

The Bottom Line

This company is a 2-time winner of the “Leading Debt Provider” listed in Forbes Magazine since 2010, providing them with some sort of credibility, on top of their 10 years of settlement experience. We also like their $1,000 guarantee should an enrolled debt not be settled, giving clients some sort of safety net.

While their lack of financial literacy resources, along with unclear enrollment concerns, we recommended taking advantage of the free consultation to ensure this company is the right fit for those under financial stress.

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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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Our Score
4.7
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
25%

Accreditations

AFCC or IAPDA
AFCC

Free Consultation

is one included?
Yes

Time in Business

total # of years
12 years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Limited

Number of Reviews

User reviews here on BDC
0
Our Score
9.5
User Score
9.6
Rank this Company

Ratings Breakdown

Price

% of total debt
15-25%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
14 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
285